Vendex KBB and IEF Capital enter into long term sale-and-lease-back agreement
Vendex KBB is pleased to announce the sale of its property portfolio to a consortium arranged by IEF Capital N.V., a joint venture between IEF Nederland B.V. and Bouwfonds Asset Management B.V., a 100% subsidiary of ABN AMRO Bouwfonds N.V. IEF Capital Delta NV and PGGM are major participants in the consortium. PGGM, one of the largest Dutch pension funds, is also a co-financier through inflation-linked products. The asset management of the real estate portfolio will be performed by Bouwfonds Asset Management, which is involved in financing the transaction as well.
With this transaction, Vendex KBB is entering into a long term sale-and-lease-back agreement for 73 stores and other properties occupied by HEMA, V&D and Bijenkorf, which will provide these formats with long term stability and operational flexibility to continue to perform successfully in the Dutch retail market. For Vendex KBB this is a significant milestone in the implementation of its strategy to focus on its core retail activities.
For IEF Capital NV, this presents a landmark transaction in reinforcing its leadership role in the area of inflation-linked bonds. Companies established by IEF Capital presently own over 2.5 billion euro of real estate assets. IEF Capital is a leader in inflation-linked products.
Vendex KBB was advised by Lazard and CB Richard Ellis.